PHOENIX-Alliance Residential Co. will build its 280-unit Broadstone at Canyon Cross Roads on a just-bought 18.8-acre tract. Alliance, paying $9 million for the land, has flipped a five-acre parcel to a retail developer for a small shopping center.
According to J. Michael Kane, senior vice president with Colliers International Inc.'s Phoenix office, Alliance will launch construction at once on the $38-million complex at 27th Avenue and North Valley Parkway. Alliance did not return telephone calls by press time. As a result, there was no information available about the retail development or about the Broadstone project itself.
Kane and Colliers vice president Van M. Robinson, senior vice president Robert Lundstedt and associate vice president Darren Tappen represented the land seller, Chandler Associates of Scottsdale. Kane tells GlobeSt.com that Chandler Associates had bought the land several years ago with plans to develop it. The land has been on the market about three years.
"It's been in escrow three or four times," Kane says. "First, a retail developer was interested, then a couple of office guys came along." Alliance too had the parcel under contract at one point, but impact fees forced the company to drop the deal. A year later, Alliance made a lower offer, secured rezoning and now is ready to break ground.
"There was a lot of activity on this piece of land, but possibly too soon for a retail or office guy," Kane says. "For a multifamily guy, though, it's perfect." The northern area contains a large master-planned development called Tramanto. Nearby at Carefree Highway and Interstate 17, a Home Depot has just been built and more retail is coming. "There's a lot of activity starting to go on in that area," Kane adds.
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